12:53 PM EST, 11/14/2025 (MT Newswires) -- Stifel Canada notes WELL Health Technologies ( WHTCF ) Thursday announcement that OceanMD, ~1/3 of Wellstar, won a material contract for e-referral within Ontario, which will boost Wellstar ARR by ~16% with implied substantial OceanMD expansion.

WELL also outlined pursuits for M&A within Wellstar, following a $62 million announced capital raise and Series B round at 50% higher valuation vs. the Dec. 2024 Series A round. The raise values Wellstar at $535 million, led by prominent institutional investors, Mawer, Edgepoint and Picton, analyst Justin Keywood writes.

The OceanMD contract win could further validate Wellstar as a 'Rule-of-40' asset, ahead of an expected IPO/ spin-out in 2026, Keywood adds.

WELL's Canadian clinic network value ($700-+$800 million) value, combined with Wellstar ($535 million disclosed) suggests limited value assigned to U.S. operations, despite representing 50% of the business but undergoing streamlining initiatives, including a U.S. divesture by year-end.

"We believe as these streamlining initiatives play out, SOTP value will be unearthed with improved valuation and higher share price."

WELL is rated Buy, with a $9 price target.

Price: 4.09, Change: -0.03, Percent Change: -0.61